(Read more on the debt and equity markets.)
NEW YORK CITY-Stonehenge Partners Inc. has closed on a new $500-million real estate equity fund, Stonehenge Fund III. The company will use this fund to acquire office, retail and residential properties as well as targeting high-yield debt opportunities in the Tri-State area.
“Stonehenge is very excited about having this equity capital available in the current environment,” notes Ofer Yardeni, one of the two managing partners at the company. “Stonehenge believes that given New York's economic strength, supply and demand imbalance and the scarcity of prime developable land, long-term value appreciation is expected.” Yardeni adds that Stonehenge remains focused on investments in a market in which real estate fundamentals remain very strong.
Stonehenge has been in the news recently for its acquisition of 330 E. 63rd St. for $39 million from 63rd East Side Realty LLC, where it intends to upgrade and renovate the property. “We will continue to invest in high-quality, value-added investments and joint ventures with partners who share the same vision,” explains Joel Seiden, managing partner at Stonehenge. “The ability to act and close quickly will provide a valuable niche during these challenging credit times. We remain strongly committed to the value of New York as a vibrant business and media capital.”
Among the more notable properties that Stonehenge Partners owns and operates include the Olivia, the Ritz Plaza, Stonehenge Village, 20 Park Ave. and 41 Park Ave. Over the past decade, Stonehenge has closed on transactions in excess of $2 billion comprising more than three million sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
